Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301087 
Year of Publication: 
2022
Series/Report no.: 
SPACE Working Paper Series No. 16
Publisher: 
Johannes Kepler University Linz, Research Project SPACE - Spatial Competition and Economic Policies, Linz
Abstract: 
We examine parallels and differences, intersections and complementarities in the notions of societal transition by Karl Polanyi and Joseph A. Schumpeter. Considering their intellectual heritage, methodology and scope, we propose a three-sphere framework to analyse their theories and study the interdependencies within capitalism. The three spheres essential to both thinkers are the political, the socio-cultural and the economic: the latter dominates the others in capitalist societies. The resulting rationalisation (Schumpeter) and commodification (Polanyi) distort the socio-cultural sphere and transcend towards the political sphere which undermines democracy. Applying our framework, we identify similar transitional mechanisms but derive different implications for society.
Subjects: 
Karl Polanyi
Joseph A. Schumpeter
transformation
institutional change
JEL: 
B25
Document Type: 
Working Paper

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